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Proceeding contribution from Austin Mitchell (Labour) in the House of Commons on Tuesday, 25 January 2011. It occurred during Debate on bill and Committee of the Whole House (HC) on European Union Bill.

European Union Bill

That is true. Under the old system, the inflation rates in France and Italy were higher than that in Germany, so they were constantly getting out of kilter and becoming uncompetitive. They constantly resorted to devaluing, which brought them back to a competitive level because it reduced their costs of production in terms of foreign currencies. There is a history of France and Italy devaluing. They cannot do that when they are in the euro.

Secondary information

Type
Proceeding contribution
Reference
522 c225 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Crime Administration of justice Common fisheries policy Crown dependencies British overseas territories Fisheries EU law Electoral Commission European communities Gibraltar Economic situation EU action Economic and monetary union Northern Ireland Prosecutions Referendums Loans Peers Scotland Sovereignty Republic of Ireland Treaties Security Reform Wales UK membership of EU European financial stabilisation mechanism
Legislation
European Union Bill 2010-12
Link
View this Proceeding contribution on www.publications.parliament.uk